iCapital expands its platform with Simon Markets acquisition

US fintech iCapital has signed a definitive agreement to acquire Simon Markets for an undisclosed sum.

iCapital acquires Simon Markets for undisclosed sum

iCapital says the deal will “meaningfully enhance” its alternative investment platform and “augment its technical capabilities, education offerings and support services for wealth managers”.

Founded in 2013, the company provides end-to-end technology and service solutions to wealth management, banking and asset management firms to facilitate access to private markets investments and enable them to streamline and scale their alternative investments operational infrastructure.

It claims to service more than $125 billion in platform assets and employs more than 800 people globally.

Simon’s digital platform offers a marketplace for risk-managed and alternative solutions, including structured investments, annuities and traditional and progressive alternatives.

It also provides education and analytics tools to help financial advisors better manage their client portfolios.

The firm is backed by the likes of Barclays, Citi, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Prudential and Wells Fargo.

As part of the deal, Simon CEO Jason Broder will join iCapital as managing director, head of iCapital solutions and member of the firm’s operating committee to oversee the integration and development of the combined platform.

iCapital says it will also “extend offers of employment to the nearly 200 Simon team members”.

The deal is expected to close in the second half of 2022 pending regulatory approvals.